New Item and Delete Old Item???

I have a PowerPoint template item available for sale that I want to revamp dramatically.

I am reluctant, however, to update the existing item because it has been available in the market for a while and it will not be listed as a new, updated item in the items feed.

Should I re-brand this updated version as a brand new template design or remove the first version from the marketplace and upload this one as a 2.0 version?

What is the appropriate way to handle this (from a moderator, please).

Thank you!

That won’t be allowed and you run the risk of a reviewer rejecting it based on similarity to existing items - you will need to make it distinctively different item to submit it as a new one

Thank you for the clarity.

However as I said, I would remove the original item. So it cannot be
rejected dor similarity since the first one would no longer exist.

I will do as I said and rebrand the new design since it is so different.
Thank you. I do wish updated items got relisted on the new releases page. I
thought they did for themeforest but it appears they do not for
graphicriver. Then I would just keep making the first one better and
better. But since no one will see it, it does not make sense.

None of the marketplaces put updated items back on the front page (people would just exploit it).

As long as you remove the old one and make sure you do rebrand/extend the new one then it should be ok

Will do! Thank you.